Sanyam Parikh

On March 31, 2026, the Department of Labor (“DOL”) published a proposed regulation on investment selection under ERISA (“Selection of Designated Investment Alternatives—relevant factors and determinations for fiduciaries of individual account plans to satisfy their prudence requirement,” 29 CFR 2550.404a-6). Before delving into the details, there are two important points that every plan fiduciary should understand about this proposed regulation: Not Limited to Alternative Assets.

This alert is a reminder of the approaching deadlines for certain year-end reporting requirements applicable to corporations that issue stock to employees (including former employees) upon the exercise of certain stock options or have employees (including former employees) who purchase the stock through an employee stock purchase plan (ESPP).

On November 28, 2025, the Fifth Circuit Court of Appeals granted the U.S. Department of Labor’s (DOL) motion to withdraw its defense of the Biden administration’s Retirement Security Rule (the “2024 Fiduciary Rule”). This Rule, finalized in April 2024, sought to expand the definition of “fiduciary” investment advice for retirement investors. The DOL’s decision to withdraw followed an initial 60-day abeyance and several subsequent extensions granted by the Fifth Circuit.